FAQS
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March 10, 2025
Should I add my child to my bank account?
Why you should not add your child to your bank account. The way bank accounts are set up is dictated by your agreement with the bank, but most banks set up accounts similarly. If you have more than one person on the account, it is usually set up as joint tenants with rights of survivorship …
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February 21, 2025
Advantages of electing to have your LLC treated as an S corporation
Advantages of electing to have your LLC treated as an S corporation Entities are created at the state level but taxed by the IRS at the federal level. LLCs are very common and popular entities due to the asset protection offered and simplicity of operations. The IRS does not recognize LLC as a taxable entity …
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January 22, 2025
Where should you store estate planning documents?
Where should you store estate planning documents? Some banks and financial advisors recommend storing your estate planning documents in a safe deposit box. However, doing so can prevent family/executor/trustee from being able to access them easily or in a timely manner. Oftentimes a court order is required to access a safe deposit box if someone …
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October 7, 2024
Lesson: Check beneficiary/POD designations
Lesson: Check beneficiary/POD designations Story: Rick’s wife is deceased, and he has two children, Jack & Jill. Jack always said he would take care of his dad, Rick, as he aged so Rick had a Will prepared leaving a disproportionate share of his estate to Jack and made Jack his Executor and Power of Attorney. …
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August 27, 2024
What is the difference between a Lady Bird Deed and a Transfer on Death Deed?
What is the difference between a Lady Bird Deed and a Transfer on Death Deed? Lady Bird Deeds (or more formally: Enhanced Life Estate Deeds), have been used historically to transfer real property upon death. More recently, the statutory creation of a Transfer on Death Deed (or TODD) offers another way to transfer real property …
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August 2, 2024
I have a fairly simple estate, can I plan to avoid probate?
Probate is typically not difficult or expensive if you have a well-designed estate plan. However, if you do not have a complex estate, you may desire to plan for probate avoidance. Enhanced Life Estate Deeds (Lady Bird Deeds) or Transfer on Death Deeds (TODDs) can be used to pass real property outside of the probate …
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July 2, 2024
Do you have a child who is 18 years old and going to college?
Do you have a child who is 18 years old and going to college? Once “children” reach the age of 18, they are now legally adults. Parents can no longer make medical decisions or access medical information unless the adult child grants permission. Also, if a child is no longer claimed as dependent on tax …
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June 25, 2024
What is the statute of limitations for probating a Will after someone passes?
What is the statute of limitations for probating a Will after someone passes? The statute of limitations for probating a Will is four years from the date of death. However, sometimes the only asset in the estate is real property and because that is typically not sold immediately after a death, people don’t realize they …
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January 2, 2024
Does the Corporate Transparency Act requirements for Beneficial Ownership reporting affect you?
If you are a business owner, the new requirements of the Corporate Transparency Act probably affect you! Beginning January 1, 2024, most businesses are required to disclose information about beneficial ownership. Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company. Businesses formed prior to January …
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December 7, 2023
Do I need to file my Will or should I give copies to my family?
Do I need to file my Will or should I give copies to my family? While you may deposit your Will with the County Clerk for safekeeping during your lifetime, it is not necessary to do so. It is typically best to retain control of your Will and to keep it in a safe place. …
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